Too Far to Go? Does Distance Determine Study Choices?

Similar documents
How Changes in Unemployment Benefit Duration Affect the Inflow into Unemployment

Crowdfunding, Cascades and Informed Investors

Does the Unemployment Invariance Hypothesis Hold for Canada?

Calvo Wages in a Search Unemployment Model

Key Elasticities in Job Search Theory: International Evidence

Loss Aversion and Intertemporal Choice: A Laboratory Investigation

Pension Taxes versus Early Retirement Rights

Means Testing versus Basic Income: The (Lack of) Political Support for a Universal Allowance

Inter-ethnic Marriage and Partner Satisfaction

The Ins and Outs of European Unemployment

Distribution of Wealth and Interdependent Preferences

DISCUSSION PAPER SERIES

Susceptibility to Default Training Options Across the Population

Making Work Pay: Increasing Labour Supply of Secondary Earners in Low Income Families with Children

Holdup in Oligopsonistic Labour Markets: A New Role for the Minimum Wage

The Effect of Unemployment Insurance on Unemployment Duration and the Subsequent Employment Stability

Leisure Time in Japan: How Much and for Whom?

Gender, Time Use and Public Policy over the Life Cycle

Unemployment and Transitions in the Turkish Labor Market: Evidence from Individual Level Data

Marriage, Wealth, and Unemployment Duration: A Gender Asymmetry Puzzle

Benefit-Entitlement Effects and the Duration of Unemployment: An Ex-Ante Evaluation of Recent Labour Market Reforms in Germany

A Database on the Passage and Enactment of Recent State Minimum Wage Increases

tj;:m~ cec::: inženiring,d.o.o. 1 Project Sea/:

Universal Properties of Financial Markets as a Consequence of Traders Behavior: an Analytical Solution

High Compensation Creates a Ratchet Effect

How Changes in Benefits Entitlement Affect Job-Finding: Lessons from the Slovenian "Experiment"

Household Labor Supply and Welfare Participation in Sweden

Worker Characteristics, Job Characteristics, and Opportunities for Phased Retirement

Recognition of cross-border insolvency measures for banks - the Swiss solution

Aghion, Philippe; Askenazy, Philippe; Bourlès, Renaud; Cette, Gilbert; Dromel, Nicolas. Working Paper Education, market rigidities and growth

Analyzing Female Labor Supply: Evidence from a Dutch Tax Reform

Usage of Financial Services in South Africa: Perceptions Matter

Recent developments in payment systems. Christian Dembiermont* 1 Bank for International Settlements, Basel, Switzerland

The Evolution of Income-Related Health Inequalities in Switzerland over Time

Incapacity Benefits and Employment Policy

The Earnings and Employment Losses Before Entering the Disability System

Employment Protection Reforms, Employment and the Incidence of Temporary Jobs in Europe:

Interim results of the Swiss National Bank as at 31 March 2018

Distance to the Efficiency Frontier and FDI Spillovers

Interim results of the Swiss National Bank as at 30 September 2017

Pathways to Early Retirement in Denmark,

Interim results of the Swiss National Bank as at 30 June 2018

On the Adverse Selection of Organizations

Regional development of employed persons receiving Unemployment Benefit II in Germany. An analysis of convergence across federal states

Does the Effect of Incentive Payments on Survey Response Rates Differ by Income Support History?

A Transferrable E-cash Payment System. Abstract

Is Bigger Still Better? The Decline of the Wage Premium at Large Firms

How Do Different Entitlements to Unemployment Benefits Affect the Transitions from Unemployment into Employment?

Peer Groups, Employment Status and Mental Well-being among Older Adults in Ireland

Tax Benefit Linkages in Pension Systems (a note) Monika Bütler DEEP Université de Lausanne, CentER Tilburg University & CEPR Λ July 27, 2000 Abstract

Perspectives on the Early Retirement Decisions of Farming Couples

Hidden Skewness. IZA DP No Ludwig Ensthaler Olga Nottmeyer Georg Weizsäcker. August 2010 D I S C U S S I O N P A P E R S E R I E S

Annex 1 EUROFRAME-EFN Autumn 2007 Report. Introduction of minimum wages in Germany: Coverage and consequences

Effective Active Labor Market Policies

The Effects of Tax Salience and Tax Experience on Individual Work Efforts in a Framed Field Experiment

The Evolution of Rotation Group Bias: Will the Real Unemployment Rate Please Stand Up?

Public Cash Flow Statements

THE IMPLICATIONS OF SINGLE EURO PAYMENTS AREA (SEPA) ON BANKING EFFICIENCY

The Effect of Tip Credits on Earnings and Employment in the U.S. Restaurant Industry

On the Political Substitutability between Tariffs and Subsidies a

Specialization in Bank Lending: Evidence from Exporting Firms

WIPO/IP/DIPL/CAI/04/5 : !"# $ %" & '$ ()$ * + C:\WINNT\apsdoc\nettemp\652\$ASQwipo_ip_dipl_cai_04_5.doc (NA)

Shattered Dreams: The Effects of Changing the Pension System Late in the Game

Procedia - Social and Behavioral Sciences 156 ( 2014 ) Ingars Erins a *, Laura Vitola b. Riga Technical University, Latvia

In-Work Benefits and the Nordic Model

The Causal Effect of Retirement on Mortality: Evidence from Targeted Incentives to Retire Early

In the Senate of the United States,

Income and Employment Effects of Health Shocks - A Test Case for the German Welfare State

Dynamic Evaluation of Job Search Assistance

WORLD INTELLECTUAL PROPERTY ORGANIZATION GENEVA WIPO COORDINATION COMMITTEE. Thirty-Eighth Session (11th Extraordinary) Geneva, March 20 and 21, 1997

econstor Make Your Publications Visible.

$396,605,328 Freddie Mac. Multiclass Certificates, Series 4066

The Effect of the Internet on Economic Growth: Evidence from Cross-Country Panel Data

Online Appendices Practical Procedures to Deal with Common Support Problems in Matching Estimation

DISCUSSION PAPER SERIES

Minimum Wages, the Earned Income Tax Credit, and Employment: Evidence from the Post-Welfare Reform Era

Arcidiacono, Peter; Hotz, V. Joseph; Maurel, Arnaud; Romano, Teresa

A Gender Perspective on Self-Employment Entry and Performance as Self-Employed

NOVA SCOTIA MUNICIPAL FINANCE CORPORATION

The Role of Short-Time Work Schemes during the Global Financial Crisis and Early Recovery: A Cross-Country Analysis

Oil Prices and the Exchange Rate: Optimal Monetary Policy for Oil Exporting Countries. By Ragnar Torvik. Day 1 Paper SC1

Relative Cohort Size, Relative Income, and Women s Labor Force Participation

Maximum Fee vs. Child Benefit: A Welfare Analysis of Swedish Child-Care Fee Reform

The Compensating Income Variation of Social Capital

Taxing Pensions. IZA DP No Helmuth Cremer Pierre Pestieau. March 2016 DISCUSSION PAPER SERIES

INTOSAI-Donor Cooperation: Semi-Annual Progress Report

Unemployment Traps: Do Financial Dis-incentives Matter?

Long-Run Effects of Public Sector Sponsored Training in West Germany

Enhancements to the BIS International Banking Statistics

English is not an official language of Switzerland. This translation is provided for information purposes only and has no legal force.

Switzerland: LISTING OF DERIVATIVES

Demographic Alternatives for Aging Industrial Countries: Increased Total Fertility Rate, Labor Force Participation, or Immigration

Basel Committee on Banking Supervision. Progress report on Basel III implementation

Coordinated Direct Investment Survey (CDIS)

Ansgar Belke and Daniel Gros #62. Ruhr Economic Papers

econstor Make Your Publications Visible.

The Public Perception and Normative Valuation of Executive Compensation: An International Comparison

Dr. iur. Christoph Brunner. Liability of Publicly Held Corporations for a Violation of a Duty to Disclose, in Particular the «Ad Hoc Publicity»

AFFIDAVIT OF SERVICE. 1. I am a Senior Project Manager with GCG, Inc., the claims and noticing agent for the

How a Mandatory Activation Program Reduces Unemployment Durations: The Effects of Distance

Transcription:

DISCUSSION PAPER SERIES IZA DP No. 5712 Too Far to Go? Does Distance Determine Study Choices? Stefan Denzler Stefan C. Wolter May 2011 Forschungsinstitut zur Zukunft der Arbeit Institute for the Study of Labor

Too Far to Go? Does Distance Determine Study Choices? Stefan Denzler Swiss Coordination Centre for Research in Education (SKBF) and University of Lausanne Stefan C. Wolter Swiss Coordination Centre for Research in Education (SKBF), University of Bern, CESifo and IZA Discussion Paper No. 5712 May 2011 IZA P.O. Box 7240 53072 Bonn Germany Phone: +49-228-3894-0 Fax: +49-228-3894-180 E-mail: iza@iza.org Any opinions expressed here are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author.

IZA Discussion Paper No. 5712 May 2011 ABSTRACT Too Far to Go? Does Distance Determine Study Choices? A number of studies have long shown that the probability of studying at university is influenced by the distance to the next university. This study shows for the first time that distance to university also influences the choice of subject/faculty and institution. Moreover, these findings are important because the distance effect in terms of these decisions is associated with significantly less risk of endogeneity than the effect in the analysis of the willingness and ambition to attend university. The results also show that distance does not influence study choices among students from the highest socioeconomic group, a finding that further indicates that distance to university is an expression of differences in the cost of a university education. JEL Classification: I21, I23, R10 Keywords: distance-to-university, subject choice, university choice, Switzerland Corresponding author: Stefan C. Wolter University of Bern Centre for Research in Economics of Education Schanzeneckstrasse 1 CH-3001 Bern Switzerland E-mail: stefan.wolter@vwi.unibe.ch

#$ $) + # )+* #. )+# * #$ $ - )$ ).$ #$ $ **)$)$$*#+)) +# # $ #$ $) - 22#$ +$ +* #$ ); +;++$#$ );$*%<+ -$477= )+ * + #$ **+ $ # # $ # ) #$ 22#$ )+#+$ (* 22#$ +$ $*.#)+-5=>6 #$$,)+ *$ $ + )*,+ 2# + +$ $* $ +#**+ # #$ $ +#* *+ 8 $#$)*$+#*0* #$&0* 22#$ )*)+22#$+$$* ) 4 #$$ 5-0 / ) # + +$ * # ++? 4757 @))+**+$# ++#$A)1! "#$ "%&'%( )& 4 )))$*22#$$ )#)*&) #$22#$+ ) #$ $ ) 5==6 4775 - # ) ++ )# # + ) $*)+*! / 4776 477B%*477C 5

).$) )$#$*$)#$#$ #*)+$)$0* )+, $ $ # # # )**++$ - ++ + )+ 2# 22#$ $ - $ # *$+). ; D,* )+ + )0 $ 22 #$)+$1 #** $9)+$) $+#$)**2# ; #$ $ #* + *,) # + #$ $ - #* ++ +$ *)**$ +$#*0*,+ +++)$+$)+ $ ($ *. $ )0 + $ $ *$ ) 57E $* ++ ; $ #$ 6 +$ #** ; *;$ $ #.,+ * ) A )2+0* $) -#$. #. ) )+ $ #& # )# & # * #$ #$ ## + $ $ #)#+#**++ #$ $ -;*) + )# $* # &*#+#+#,+ 6 )+0)+$$,+ 2+$& +$ ** $ $ *$ # +)# 4

22#$ +$ * # * ) **+,# ++0 #)$ $F +*+$ - ++ # + # # )+ 0 )*)+**+G H -++14 +,+ +,#$ *$* )),*)+ #+0*$+6#$ $) B + )+ $ + I )+ J K,+,**+#$ $ # +$ +$ $* - + #*1 1,)+ $ +#* ))$))#?1)))$*)0 0 )* # ) ) ) #9 $ )$ ) $ % 1 # #) 0 + * # ) $ $#*#+0 1# ))+) ++$ D + $+ * $ $ 22#$ $ +* 6

-2+$ ) ) ++ # ) #$ +$ $ $ $ # #$8 #,+$ +$, #$ )#$) $+ 22#$ # $)$2)$ 22#$ $ # )*)+,## +!0$#*) ; $ #F &* $# 22#$ #* **+, #$ +$ )0* #$ / )+ ) $ *# +$ $* 477J () 477= * " - *) 22 #$$+$0+$)* * # ) 2 **+$ +)& + F + $ + ) #+)*)*+. ** * +! 4757 8 # *)$ # ( +#$ ) 2 + $+$++#+$)$ $ # #$- ) $ 477= / 4776 $ )#& #$ #$ * +#$ * )# $ +$ *( # #$ #$ +# )+ )*#**$ ( *$ ++ #* $ +$ +#+#$$+ #$ +. 477= # B

+$*#$ + # ) ) #$- ) +$ # ) $ **+$ ) #()+++$A477= #* ++ # * +$++$*+#* - *) $ ++$ $ $ +.)**+ - ++ ) $) #* 22#$ +.,) ) #$-.# +$$*+$22 #$ $. + -+$$*& -*$ ' -8 ' * ) # A )2+0* $ * * +. * ** ##(). $ -8 ' ;$ **+$+$*-8 '+ **+ 22#$ $ $# -$0+,)$" #$% 4777 * $ #$ ) * ) +$ $*. ()* * + +. )$ + +. # $ #++,)$;$. * 8 #. +$ $*. # #$ ) ++,)$#$ + $ 0 #$ #. + ++ $#$+,+ $.$).. ++ $ $ + ) I

- $+ ) # + #** ##) 0)* )* #$ $ *#$ * +$ * * $ ) #$ $ ) 0* & )$ + #$ $ ++2$.)$ & )$ +#* * ++ )$+)*#$!!"# $ & #$)+,) ++2$#L*,)#$ +) L##$#+#$ ),+)A )+0* -;2#* $#$$.$ -*).$2 ##$ +) $ #$ & -*$ -8 ' %())2; +#$++ #$/ ;# #$ ++ # 0 +) # ) #/ =7E ;#*$ $+# B -*#)+ )* $#2##$ +)$)0+$47E *# ""#! 57 # % A - *#$ -8 )0 B -=7E ++ -++;# +* #$ IE )+ # $ A )2+0* J

** $ ) # $ #$ - -8 L A )2+0* 2+0* I L # + *+ J --8'+ ++$.#,#$-8 0$+**++,)$-8 -) $ -8 F +, (#%* > %A A C #$)*))) )$5= $#*#$ + * ) ++ " #$ % )+ ) $ 4777 #$ *$ * $ -* $ ++,)#$ -*##$)$+++F $ ),)$ 0$ %& (*+$,;# #$ * #* 5I77 + $ )$)$)*+() #,+#**#* #* ) 0$ # * $ D D *#* +);)$#*5677477I477C ##** -#*#* 5C77 #* + = # $ I @#++)+#$A)2+0* J -8'046+()0*"#477=8(@A8(& (@&@A *#*2#" > - "#$ %* &2+0* $ +$)A)2+0* C - ; # * $ #*#$A #* # *. ;##$A 5=E )+#* 5BE ; # 8 # $ * ++))#+ = -)*+0##47E )*2)+0" *))+0)).**)+ >

+$++,)$B7E #*,+$***+ 0 * 477I 2* ++ # )$10++#$+ +)/ 4757 #) #$ $ + * )2)*) )0 0 $* -2+$ * ++ #$ ) * *#$+##$) +$ #$ ++ ) +# +, ( $ 5IE $F +*$477I4I 57 - #$ * ) + $ $* #* #$ $+)++** #$ ) ** $ +**++,)$#$ ' ' " - )+ $ +# )+ 5B77; 2# A )2+0* $ 0 $,) * #$. + ( )$ ) #$ ) # #$ 0 + 22 # * - )* $ $ )+) + ) #$ )) ( )* )+ * #$ )+* ##$)#L) #$++$(* #) -*#*. #$-8 );2#+ #$ $ 57 # -8 (* )+ )0*$+$ +++-+*,)+$) 57 -++* *$)***) 57E '67E )AM3477C C

* )$ $+ #$ $ )+)#$)+$! 477= 8 $ # $ +* ) #$ -*+ +++,)$ 2 ; # @N=66 D )* ; # ++,)$C7E $$#$++ * #$ - ) * ' ; 0 + / 477J $ ) ; 2$ - #$ 0 + * **+# -)#),));$ #$ )* )+ 2+ 55 -.)+)+5B74# ' ( $ 0 + * +-#$+**)$* )# )*++F. $+ * * - 2$ F ).. + )) 1 ** )) ) ) * ).. ) ) #**#**()* * )) * ) +.#$9 * + +$ )+ $ / # +)$)+2 ) ) * $ ) GH G H )+ $ )#*+,+*. 55 +17CC/ 2+)# ))#$# ++-2+$ & + 7JJ 0$ ++*$),))+ =

'' - #* **+ +,)$ # $ #$ $)*)0++) +#$ 54 -) ) + + + ++$ 0 ))-# )+* +#+)* D # ) # ) + ))$#)" #$%-# ))$#5##$ 7 #$ )- # + ))$ # #- + * ) ) - #%" 2) 0#5" #$%57 ) $ ;0 $ #$ - # %" 2* ) # 5 # #$ )57);0*" #$% ##))+#* '' ) - )+ $ * + ) $ $ +. + #$ + ) % #$ -8 *)* y i = β 0 + β 1 X i + β 2 P i + β 3 S i + β 3 M i + β 4 H i + ε i &;,#0*22#$))$ # + #$ ) - # )+* + ) 0* )+ # * * + # + *)+#)#+# )+ ) # + )*.#$ 56 54 #) $) 56 (*))#$))*** )++$ ##)+-.)),) 57

- * ) + ) ) / 5 )+$*$-8 9)#* ) # ) -8 $ 2 )0*/ 4)+$*$-# * " #$ % + #$ * + *! D =66 ; # + #$ $ #*56E +*#)+$+# +#%)*$*++ # * $ * + ; # ) " #$ % )+$54E %5++, -8 '**+*0** *$ 2; 2A ) # + #$ - #* #* #$ )+ ++,)$ 9 #* #* + -8 I7 ) & #).$+$#$ ;0-8 * +&. / 0-4*#*$ -8 -*)# )2$,) + 57E #*) ) )+ +* $ -8 # ) $ #)))*+5 4 +$*)I -) 6*$)7* # ) * ) *+ $ ) 0* +)$ ) $ -8 ) #$ - ) ) *+ # ) )+, )+ # ) )+))+ 55

). ) * *$ # ) @+*$-8 +$# $ )) * * ; & #* ) # )) * ) 6 B * *$ ) 7 + +20* # ) $* -8 5B - $ + # * ) +$,++$$)+* -8 0$ +#$ * $- *-8 *2$+* ## $* (* ) 0* ), $ ) * * )) * ) +$ +$ ) )$ +#* 0* ++ $ ),)))*+. / + 1/ " 2 1/ 3 - % ) 6 ) $+ 1 + 0 # ) ) I J )0 **+ +,)$ " #$ % *$ +$ * $ 0 $ ) ; #)*)6 *$) 0$ $* ) ) ) *+ $ # I)5 L,$-8$+$L+ ) *+. * & ; # ) + ) *+ " #$%)0$+$(*# ) ) ) *+ *$$ 5B -#$#$*++* *# () 477= *$+)2$ *)$+#$22+2 # 54

- ) ) $ *# +*))*+$$* 5I &* )) * # # * * )) * - * +,)$ + #$ ) $ # #$ * * - )+ # $ ) )$ ) )$+#*)$# #*.#, - -++#*+,)$#$ #$+.-$) )+ #* ; $$#$. $* # )$ & )* $ #$ $#)# - )+ #$ *$ +$ $*. # $ #$ #$#$+$$* #$ +. +,)$ #$ * $ )*. 0 + $ ) *+ ) )$ +#* ). +$D + $ # * $ * #$ $* 0 $ ) + + # + #$ $ -+$)0))+1 #$*+++.* #$.- ) # +# $ #$ $) (# $ )+ 5I ($ * ) * A) +$ $* # +# 1. A ) $ 56

)0 $ + # #*++$2)). #?# $ )+ )+ )* # - * **0)+ ++ # ;$ +) $ ) )$ +#* 0* - ;$ +) ** $ # #;#$;#$*$L )+ -)+$+ #$ D +* # ) # *" 98,$477= +))# )*+$2*$+# -*)##*#$#)0$ * $ ) )* ) ))$# 5B

. + () 3! 3K 477= * )* 4 51" K4CJ >4C2>6C 477I %* 477I@*1) M0 477C ) 8 ) +O K*@*1)M0 5==6 " ***+#*+,)$) *@0*?+@BBC6 4775 )* *1 +* ) + )+)4 KJ=I 554>255J7 3! / 4776 / F*) )+1#)*+*6 /74 K 55CB 5B=I25I64-477B (#P7-!4 K) CC=257 5J=>25>47! 477= * 1 8 *)4! 7K6=B B462BB5 / 477J - * P #$ ++ 4 K5B5 652IC / 477= #$P#) #4 51" K4C65C264C A (%! 477= H*)-++$ #*4 51" K4CJ472J4C 8,$ 477= - ** #$ () *@ 0*?+ @5IBBJ %* / 477C * ;$ $ ) 4 51" K4>I ICC2J74 %<+ -$ @ 477= * +,)$1)++* ++$ / KC44 54J25BJ /! 4757 -)22* $ 4 5C5 5552546 +! 4757 )#$ A )$P4 51" 4=B>72B>= - K 5=>6 * +,)$ * 84 ( 57K57B 4>>24=6 5I

/ &0! +1! 1! 9! * 1 * *: %" 2))$ =66 75=5 76=6 7 5 %" 2* =66 7456 7B57 7 5 %" 2) =66 75B> 76IB 7 5-8 2))$ =66 74BI 7B65 7 5 ;+1! 1! 9! * 1 * *: Q" =66 7J>> 7>I= 7 I466 ) =66 7I75 7I77 7 5 (* =66 277IJ 7>IJ 244B= 5>I5 5 =66 76B4 7B>I 7 5 4 =66 7BC7 7I77 7 5 6 =66 75>C 76C6 7 5 +Q5 =66 74=6 7BII 7 5 +Q4 =66 767B 7BJ7 7 5 +Q6 =66 744= 7B45 7 5 +QB =66 75>B 76>= 7 5 );QB =66 74>B 7BBJ 7 5 =66 74BC 7=>6 24J6I 44B6 =66 7564 7==B 24C4C 5C=> + =66 6IBI 6>JB 7 47 =66 7I7> 5JB= 7 5> :+ %" 2))$ K;5#*)" #$%;0 %" 2) K;5#*)" #$%57) ;0$#$ %" 2* K;5#*)" #$%)57 )*$#$ -8 2))$ K;5-8 +$* Q",#$)#*)++ -8-8 ')#*)++ 5 %) 4 / 6 8 *)++?Q5 /.++$A $)) 1%**?Q4 /.++$A $)) 1/ )@?Q6 /.++$A $)) 1)%?QB /.++$A $)) 1/ (?**$?$*$ );QB ))$*;*)) $)#1& $)#1+ + %#$1+)+0 %#$1)+0 5J

&0 1&& 21&3+4 5 4 6 / *6-8 275> 275B 274I 277> 75> 75B 757 R 776 R 5 755 755 776 75C 75J 77B 4 *$ 6 274C 2775 2777 75> 75I 77B (* 275I 2754 2776 77C S 757 774 ) 27=5 27J7 275J 75> RR 756 RR 77B RR?Q5 74> 77> 745 77J?Q4 5BC 7BC 746 RR 77C RR?Q6 *$?QB 7I= 75C 74I R 77C R );QB 7I= 75C 757 RR 77B RR 745 77J 77J RR 774 RR 777 777 77J 774 + 776 775 775 R 777 R 2776 2775 77J 774 27>B 276J 25J4 755 RR 75C R 74I RR 7=7 C== 5I>7 @ =66 =66 =66 #$?*)+*9* )+*+$ #*1S+T57R+T77IRR+T775 5>

&0 1&&#! 5 21&3+4 5 4 6 B I J / *B %" 2))$ 74J 74> 76= 7II 757 75I S 754 R 75C R 75> RR 77B R %" 2* 7IB 75> RR %" 2) 7II 75= RR 5 755 756 75J 75J 75J 776 75B 75B 75I 75I 75B 774 4 *$ 6 7BJ 76I 76= 76= 76= 77> 744 R 75C S 75= R 75= R 75= R 77B (* 277I 277C 2757 2757 2757 2775 757 77= 757 757 757 774 ) 767 75> 745 745 744 776 754 R 756 75B 75B 75B 774?Q5 2774 77J 77J 77J 775 744 746 746 746 776?Q4 27=I 27J7 27J7 27J7 277> 74= RR 76B S 76B S 76B S 776 R?Q6 *$?QB 27I5 276J 276I 276I 277B 74B R 74> 74> 74> 776 );QB 27II 27B4 27B4 27B4 277I 75C RR 75= R 75= R 75= R 774 R 274J 274I 274J 277B 77= RR 77= RR 77= RR 774 R 7B5 7B5 7B4 77J 77C RR 77C RR 77C RR 775 RR + 2776 2776 2776 2777 774 774 774 777 277I 277I 277I 2775 77B 77B 77B 775 255C 25B= 257C 254> 254J 254J 756 RR 75I RR 745 RR 74B RR 74B RR 74B RR 67B 6J6 B=6 576= 57B7 =I4 @ =66 =66 =66 =66 =66 =66 #$?*)+*9* )+*+$ #*1S+T57R+T77IRR+T775 5C

&'0 1&& 21&346#!& 5 4 6 B -8 274= 274= 274= 274C 754 R 755 R 755 R 755 R 5 754 755 755 755 75I 75J 75I 75J 4 *$ 6 77= 2775 2775 775 756 75I 75J 75J 5R 2777 756 6R 744 75C (* 2754 2754 2754 2754 757 757 757 757 ) 27J7 27J7 27J7 27J7 756 RR 756 RR 756 RR 756 RR?Q5 74= 74C 74C 74= 744 745 747 747?Q4 5I7 5BC 5BC 5BC 74I RR 746 RR 746 RR 746 RR?Q6 *$?QB 7IC 7I= 7I= 7I= 74J R 74I R 74J R 74J R );QB 7J7 7J4 7J4 7J6 757 RR 757 RR 757 RR 757 RR );QBR 77= 755 77C 757 75> 75I 4R);QBR 277B 74I 5R);QBR 277B 74I 6R);QBR 75J 764 747 745 745 745 77> RR 77J RR 77J RR 77J RR 2777 777 2777 2777 77J 77J 77J 77J + 776 776 776 776 774 S 775 R 775 R 775 R 2776 2776 2776 2776 77J 77J 77J 77J 25JI 25JB 25JB 25JI 74J RR 74J RR 74I RR 74I RR 5664 5B5> 565> 5B>= @ =66 =66 =66 =66 #$?*)+*9* )+*+$ #*1S+T57R+T77IRR+T775 5=

&*0 1&&#! 5 21&343#!& 5 4 %" Q))$ 767 7>7 755 R 75= RR 5 2776 75> 75J 75B 4 *$ 6 7B4 7B4 745 S 75= R 5R%" Q))$ 7>J 76> R 6R%" Q))$ 27B7 76I (* 277= 277= 757 757 ) 74B 747 75I 75B?Q5 77I 77I 744 746?Q4 27>7 27J7 765 R 76B S?Q6 *$?QB 2764 276C 74I 74> );QB 27B7 274B 75= R 75= );QBR%" Q))$ 257J 7I4 R 274> 274> 757 RR 77= RR 7BB 7B4 77> RR 77C RR + 2776 2776 774 774 277I 277I 77B 77B 254B 2567 746 RR 74B RR =IJ 57B= @ =66 =66 #$?*)+*9* )+*+$ #*1S+T57R+T77IRR+T775 47